Chiarra Picciau donne un article intéressant sur les liens entre Fintech et gouvernance d’entreprise : « The Impact of Twenty-First-Century Technologies on Corporate Governance » (12 novembre 2020, Oxford Business Law Blog).
In a forthcoming paper, I attempt to provide an answer to these questions by showing that, unlike previous technological innovations, twenty-first-century technologies have the potential to alter the distribution of powers and responsibilities among different corporate constituencies.
Corporate law traditionally distributes power among shareholders, directors, and managers, along five main dimensions: (i) the speed and frequency of the decisions; (ii) the information necessary to decide and who has access to it; (iii) the costs of assigning decision-making responsibilities to a collegial body; (iv) the decision-makers’ incentives and interests; and (v) their competence and skills. These factors contribute to explain why business and monitoring decisions, which require frequent involvement, access to corporate information, and specialized competence and expertise, are generally left to officers and directors. They also explain why shareholders are mainly called on to vote on control and structural decisions, which entail fundamental changes for the corporation (in relation to which directors and officers may bear personal interests), and are typically made only at certain time intervals or infrequently.
The paper argues that looking at if and how technology alters these five dimensions is the fundamental, and yet unexamined, interpretive tool to make realistic predictions on the impact of twenty-first-century technologies on corporate governance.
À la prochaine…
Ce contenu a été mis à jour le 23 novembre 2020 à 13 h 13 min.